Reinsurance News
Porch’s HOA placed under temporary supervision by TDI
6th September 2023
Porch Group has announced that its insurance carrier, Homeowners of America Insurance Company (HOA), has been placed under temporary supervision by the Texas Department of Insurance (TDI) with regard to its exposure to the Vesttoo-linked letter of credit fraud, though has now replaced 84% of reinsurance affected by the issues. Read the full article
CCR Re announces improved combined ratio as H1 2023 turnover rises 19%
6th September 2023
CCR Re, the French state-owned reinsurer, has reported a turnover of €907 million for the first half of 2023, up 19% from the same period last year, supported by stronger profitability in its non-life business segment. The reinsurer has today announced a non-life combined ratio of 94.6%, which is down by ... Read the full article
BHSI appoints Edwin Sim as VP & Head of Executive & Professional Lines, Singapore
6th September 2023
Berkshire Hathaway Specialty Insurance (BHSI) has announced the appointment of Edwin Sim as the Vice President (VP) and Head of Executive & Professional Lines in Singapore. Sim is a market veteran with over 25 years of industry experience with a focus on financial lines. He joined BHSI in 2017 as Assistant Vice ... Read the full article
Augment hires former Aon Exec David Ledger as Senior Adviser & Board Member
6th September 2023
Augment, a recently launched reinsurance broker that offers bespoke solutions to its partners, has appointed former Aon UK COO David Ledger as a Senior Advisor and Board Member. In his new role, Ledger will use his experience and insights across the reinsurance industry to continue to strengthen Augment's senior leadership team. Ledger ... Read the full article
Aon & Lloyd’s collaborate with IFRC to launch new disaster response risk transfer mechanism
6th September 2023
The International Federation of Red Cross and Red Crescent Societies (IFRC), in collaboration with Aon, Lloyd’s Disaster Risk Facility and the Centre for Disaster Protection, has announced the launch of a groundbreaking financial mechanism to transform disaster response. This tool provides a backstop for the IFRC's Disaster Response Emergency Fund (DREF). According ... Read the full article
Alliant names former WTW exec Doug Pera as east region EVP
6th September 2023
Alliant Insurance Services has announced the appointment of industry veteran, Doug Pera, as Executive Vice President and Director within its Alliant Americas division. Based in Richmond, Virginia, Pera brings to his new role over three decades of experience in the insurance brokerage industry. Throughout his career, he has served in a variety ... Read the full article
Record cat bond issuance boosts ILS market: AM Best
6th September 2023
In a recent market analysis, AM Best's report reveals that the insurance-linked securities (ILS) market is experiencing favourable conditions, resulting in advantageous terms and conditions for renewed and new programs. This has led to a significant surge in yields for both ILS funds and catastrophe bonds. The report, titled "Cat Bonds ... Read the full article
Carbon Underwriting appoints Rupert Atkin as Chairman
6th September 2023
Lloyd’s syndicate Carbon Underwriting Limited has announced a significant change in its senior leadership as Rupert Atkin takes over as Chairman, effective immediately. After more than five years of service, current Chairman Stephen Card will be stepping down from his role. Atkin is currently the Chairman of Ark Managing Agency and Whitespace, ... Read the full article
CCRIF members renew parametric insurance policies, GRENLEC joins
6th September 2023
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has announced that its members renewed their parametric insurance policies at June 1, while GRENLEC, Grenada’s electric utility company, also purchased coverage for the first time. According to CCRIF, June 1 2023 marked 16 years since Caribbean governments began purchasing CCRIF parametric insurance coverage ... Read the full article
Howden New Zealand completes acquisition of Apex Insurance
6th September 2023
Global insurance group, Howden has completed its acquisition of Apex Insurance New Zealand and its associated subsidiaries. Acquiring Apex will greatly accelerate Howden's ongoing strategy to form a leading broking operation in the Pacific region, as it builds on the foundation for the company's growth plans in New Zealand, as well ... Read the full article
AXA XL names Manuel Meier as Chief Client Officer
6th September 2023
In a strategic move aimed at elevating client experience and strengthening engagement, AXA XL has appointed Manuel Meier as Chief Client Officer (CCO). The newly created role within the AXA XL Leadership team emphasises the company's commitment to its clients and their evolving needs. In his capacity as CCO, Meier will report ... Read the full article
AIG promotes Lucy Fato to the role of Vice Chair
6th September 2023
Global insurer American International Group (AIG) has announced the transition of Lucy Fato from her current role as Executive Vice President, General Counsel & Global Head of Communications and Government Affairs to Vice Chair at AIG, effective October 1, 2023. In this newly created role, Fato will report to Peter Zaffino, ... Read the full article
Aurora secures £2.5m funding to accelerate its Algorithmic Trading proposition
6th September 2023
Aurora, a digital commercial insurance platform for micro, small and mediums-sized businesses, has announced that it has secured an additional £2.5 million in funding to accelerate its Algorithmic Trading proposition. The funding total is made up of seven-digit support from Innovate UK, the UK’s national innovation agency, and an equity raise. According to ... Read the full article
Cowbell continues UK expansion with launch of adaptive cyber insurance programme
6th September 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme. In 2022, 54% of SMEs across the UK experienced some form of ... Read the full article
CelsiusPro acquires Global Parametrics
6th September 2023
CelsiusPro AG has acquired Global Parametrics Holding Company Limited in a transaction that "significantly strengthens its global capabilities to offer parametric risk transfer solutions to both private and public sector clients in developed and developing economies." According to CelsiusPro, the acquisition creates an even stronger offering along the value chain of ... Read the full article
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